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Insurance Department Commends Legislature For Passing Medical Malpractice Insurance Reform Bill
Enhanced reporting requirements will give more complete picture of industry
JEFFERSON CITY, MO – Missouri Department of Insurance Director Dale Finke offered his thanks today for the Missouri Legislature’s passage of a medical malpractice reform bill. House Bill 1837, sponsored by Representative Brian Yates of Lee’s Summit, will give the department better tools to monitor the stability of the medical malpractice insurance market in Missouri. It will increase data reporting to the department, an area that has been lacking for several years. Insurers will be required to file rates with the department prior to using the rates. Those rates will be examined by department personnel based upon Missouri loss experience only. The bill will also not allow medical malpractice insurers to increase rates by more than 15 percent without giving at least 60 days notice to their insureds. Insurers will no longer be able to refuse to renew a policy without giving 60 days notice, and will also prohibit insurers not issuing medical malpractice policies without first giving at least 180 days notice.
"The Missouri Legislature has proven their commitment to reform the medical malpractice industry here in Missouri," said department director Dale Finke. "This bill will give the department the tools it needs promote fair competition in this line of insurance."
The bill will also provide the department a measure of oversight over self-insureds and surplus lines insurers by requiring claims data be reported to the department as other medical malpractice insurers do. Self-insureds and surplus lines insurers will also be required to report to the department exposure and premium data. This will provide a more complete picture of the medical malpractice industry as a whole in the state of Missouri. Self-insureds and surplus lines insurers represent over 20 percent of the medical malpractice industry in this state.
About the Missouri Department of Insurance
The Missouri Department of Insurance is charged with the responsibility of consumer protection in the regulation of the insurance industry in Missouri. This includes financial examinations into the financial condition of insurance companies so that they are able to cover claims, market regulation examinations into the conduct of the insurance companies in their dealings with customers, licensing of qualified insurance producers, and a Consumer Affairs division that works to assist consumers with insurance-related complaints, and investigates insurance fraud. Agents numbering over 90,000 maintain licensure with the Department to transact insurance business in the state of Missouri. Each year, customer service representatives with the Department field tens of thousands of phone calls from consumers, providing assistance to Missouri residents who have questions/concerns regarding various aspects relating to insurance. For more information on services provided by the Missouri Department of Insurance, visit the Department’s website at insurance.mo.gov.
Medical Misdiagnosis is a serious risk every time you go to the hospital.
There are many ways that a medical misdiagnosis can present itself. Whether a doctor is at fault, or hospital staff, a misdiagnosis of a serious illness can have very extreme and harmful effects. The National Patient Safety Foundation cites that 42% of medical patients feel they have had experienced a medical error or missed diagnosis.
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Definition:
Failure to exercise that degree of care that a reasonable person would exercise under the same circumstances. When that failure causes another person to suffer an injury or financial loss, that person may be entitled to just compensation through our civil justice system.
Tort Liability
Definition:
The defendant must owe a legal duty to the victim, the defendant breached that duty, the breach was the cause of an injury to the victim, there must be an injury. In most cases, there must be a physical or financial injury to the victim, but sometimes emotional distress, embarrassment, or dignitary harms are adequate for recovery.
Medical Practice Act
Definition:
A statute of a US state or jurisdiction that outlines the scope of practice for physicians and the responsibility of the medical board to regulate that practice. The primary responsibility and obligation of a state medical board is to protect the public through proper licensing and regulation of physicians and, in some jurisdictions, other health care professionals.
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